Friday, September 4, 2009
Mr. Hassan Nemazee Resigns from IAPAC's Board of Directors
Effective September 1st, Mr. Hassan Nemazee has resigned from his position as a member of the Board of Directors of the Iranian American Political Action Committee (IAPAC) amidst charges of bank fraud filed against him by federal prosecutors in the state of New York.
In light of the foregoing and pursuant to a unanimous vote of the Board of Directors of IAPAC, the full amount of Mr. Nemazee's contribution to IAPAC in 2009 will be donated to a charitable organization.
More generally, in order to fully safeguard IAPAC's integrity and reputation in the face of such circumstances which we take very seriously, the organization's bylaws includes an ethics clause whereby any member of the Board of Directors that is charged with a felony is automatically suspended from the Board pending a resolution of the legal issues facing him or her.
IAPAC is the connected political action committee of the Public Affairs Alliance of Iranian Americans (PAAIA), the board of directors of which is separate and distinct from that of PAAIA. IAPAC contributes to candidates for public office who are attuned to the domestic concerns of the Iranian American community. To date, IAPAC has contributed to 45 candidates, and equally to the National Republican Senatorial Committee, and the Democratic Senatorial Campaign Committee.